台灣是高貿易依存度的國家，由持續發展對外貿易創造台灣經濟奇蹟。過去許多文獻著眼探討影響台灣經濟因素，根據國際貿易與國際金融理論購買力平價說(簡稱PPP理論)，提出貨幣供給、物價與匯率為影響經濟之重要因素，因此，本文擬針對台灣貨幣供給、物價與匯率之因果關係及時差等進行分析。
本研究以匯率自由化之後的1991年1月至2012年12月之月資料作研究期間，本研究結果發現相對貨幣供給領先匯率，相對貨幣供給發生變動需要兩個月的時間才能促使匯率有較全面的調整。物價與貨幣供給互為因果關係。匯率領先相對物價，匯率發生變動需要一個月的時間才能促使相對物價有較全面的調整。
Taiwan is high trade dependence country, by continuing to develop foreign trade created Taiwan's economic miracle. Many papers focus to explore Taiwan's economy trade factors, and according to the international trade and international financial theory, puts forward. the money supply, the price and the exchange rate are the important factor affecting the economy. Therefore, this article plans in view of the causality and time lag of the Taiwan's money supply, prices and exchange rates.
The beginning of this empirical data is after the liberalization of the exchange rate in Taiwan in January 1991 to December 2012.The results of this study found that relative money supply will affect the exchange rate, the change in the relative money supply need two months to make exchange rate for comprehensive adjustment. Prices and money supply each have causality. Exchange rate will affect the relative price, the change in the exchange rate need one months to make relative price for comprehensive adjustment.
